Entrepreneurship Reasons - Chap 1

8/13/2019 Entrepreneurship Reasons - Chap 1

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Starting Your Own Business:The Entrepreneurship Dream

1Prof.Pradip P Chatterjjee


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Define the term entrepreneurand

distinguish among entrepreneurs,

small-business owners, and

managers.

Identify the different types of

entrepreneurs.

Explain why people choose tobecome entrepreneurs.

Discuss factors that support and

expand opportunities for

entrepreneurs.

Identify personality traits that

typically characterize successful

entrepreneurs.

Summarize the process of starting

a new venture.

Explain how organizations

promote intrapreneurship.

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An entrepreneuris a person who seeks a profitable

opportunity and takes the necessary risks to set up

and operate a business.

Differ from many small-business owners in their

strong desire to make their business grow.

Differ from managers through their overr id ing

responsibi l i tyto use the resources of theorganization to accomplish their goals.

Wil l ing to take risks.



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Classic Entrepreneurs

Serial Entrepreneurs

Social Entrepreneurs



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Being your Own Boss Self-management is the motivation that drives many

entrepreneurs.

Financial Success Entrepreneurs are wealth creators.

Job Security Over the past ten years, large companies have

eliminated more jobs than they have created.

Quality of Life Starting a business gives the founder some choice

over when, where, and how to work.6Prof.Pradip P Chatterjjee


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The rapid globalization of business has created many

opportunities for entrepreneurs 8Prof.Pradip P Chatterjjee


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Educat ion

One hundred U.S. colleges and universities offer entrepreneurship majors.

Universities are helping students launch businesses.

Many programs teach entrepreneurship to young people.

Inform ation Techno logy

Technology has given entrepreneurs tools that help them compete.

Entrepreneurs have used information technology to revolutionize industries.

Demographic and Econom ic Trends

Aging of U.S. population.

Emergence of Hispanics as nations largest ethnic group.

Growth of two-income families.9Prof.Pradip P Chatterjjee


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Vision- entrepreneurs begin with an overall idea for how to make their

business idea a success

High Energy Level- a willingness to work hard

Need to Achieve- entrepreneurs work hard because they want to excel Self-Confidence- fearlessness in the face of difficult odds

Tolerance for Failure- entrepreneurs are not easily discouraged

Creativity- entrepreneurs devise innovative ways to overcome difficult

problems and situations Tolerance for Ambigui ty- entrepreneurs take in stride uncertainties.

In ternal Locus of Contro l- entrepreneurs believe they can control their

own fate



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Selecting a Business Idea

Find something you love to do and are good at doing

Can your idea satisfy a need in the marketplace?

Entrepreneurs must be sure that the idea they

choose has interest in the marketplace

Business Plan12Prof.Pradip P Chatterjjee


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Debt Financing

Credit Cards

Family and Friends Bank Loans (SBA backed)

Equity Financing

Venture Capitalists

Angel Investors



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Bus iness Incubatorsis a key way

government supports new ventures

Clean Energy Incubator (CEI) Enterprise Zones

Encourage entrepreneurship in specific

geographic areas Government Legislation

The Immigration Act of 1990



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Promoting innovation within organizational

structures

An idea to promote creativity Companies promote in a variety of ways

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Entrepreneurship Reasons - Chap 1